Industry News

In order to stay ahead of the curve, key players in the global online project management software market are focusing on diversifying their existing product portfolio through building innovative technologies to better cater to the needs of their different customers. Yet another strategy leveraged by them is expansion into under-penetrated emerging markets of China, India, and the Middle East which hold out a lot of potential. A noticeable trend in the market is the thrust on partnerships and mergers and acquisitions which is leading to market consolidation.

As per a report by Transparency Market Research, the global online project management software market will likely rise at a CAGR of 9.3% from 2017 to 2025 to attain a value of US$6.08 bn by 2025 from US$ 2.74 bn in 2016.

The different end-users in the global online project management software market are small and medium sized enterprises, large enterprises, and government. Of them, the large enterprises are responsible for generating most of the revenue in the market. The segment is also expected clock maximum growth in the years to come.

Geographically, the key segments of the global online project management software market are Asia Pacific, Europe, North America, South America, and the Middle East and Africa. Among them, Asia Pacific will likely steal the show when comes to growth rate. This is because of the rising awareness among small and medium enterprises about the advantages of online project management software and the rising uptake of cloud and mobility in developing nations of India, Singapore, and Malaysia. The region is predicted to clock a CAGR of 13.6% from 2017 to 2025.

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Lack of Trained Manpower Spurs Demand
Primarily serving to stoke demand for online project management software is the dearth of appropriate tools and skills to manage the project. It has been noticed that the demand for online project management software is high from first time users of project management software and solutions.

Explains the lead analyst of TMR report, “The emergence and proliferation of e-commerce has fueled the number of online transactions carried out globally. This has resulted in significant uptake of retail online project management software and other types of such software. The U.S., India, and China are expected to be at the forefront of the global project management software market. Digitization across industries has led to increased investments in development and deployment of new technologies and software solutions. Industries across the globe are encouraging the development of technologies which would ensure safe, fast, and easy exchange and monitoring of data over the internet. All these have proved beneficial to the global online project management market.”

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